The poll shows support in the low-40s for both the $11 billion water bond currently scheduled for next year's ballot and the $68 billion high-speed rail project set to break ground later this year.  But that support rises to the mid-50s when voters are asked hypothetically about the same projects at a lower cost.  And clear majorities say those projects are important.

The PPIC's Mark Baldassare says voters are wary of the state over-spending.  "A lot of people have had a lot of experience with state deficits in California in the last 10 years.  That's something that I think has made them very cautious in terms of spending," he says.

Among other findings: Californians are split over whether the state should loosen its environmental regulations to help create jobs; they're reluctant to raise more taxes; and roughly half of them view Governor Jerry Brown favorably.